Export Finance and Insurance Corporation
EFIC
1975 – 6 January 1986
Previously Export Payments Insurance Corporation (1957–1975).
Statutory corporation that provided export credit insurance and, unlike its predecessor, direct loans and guarantees to finance overseas purchases of Australian capital goods and services.
Names over time
- Export Payments Insurance Corporation1957–1975
- Export Finance and Insurance Corporation1975–1986
How it came into existence
Created in 1975 when the Export Finance and Insurance Corporation Act 1974 continued the Export Payments Insurance Corporation under a new name and added powers to lend to, and guarantee finance for, overseas buyers of Australian exports.
- Export credit insurance
- Political risk insurance
The 1974 Act continued the corporation under its new name with added finance powers.
Legislation: Export Finance and Insurance Corporation Act 1974
Changes during its life
- 20 December 1977Moved to the Department of Trade and Resources portfolio.
- 11 March 1983Moved to the Department of Trade portfolio.
How it ended
Merged into the Australian Trade Commission (Austrade) on 6 January 1986 under the Australian Trade Commission Act 1985; its export finance and insurance business was later re-established as a separate corporation in 1991.
- Export credit insurance
- Export finance
Main functions
- Export credit insurance
- Export finance loans to overseas buyers
- Guarantees for bank export finance
- Political risk insurance for overseas investments
- National interest transactions on the government's account
Where it sits
Last in the portfolio of Department of Trade.
Lineage
Loading lineage…
Sources
Some dates or links for this organisation are not fully confirmed. Corrections are welcome.